Rupee falls 14 paise to 81.81 against US dollar in early trade

On Tuesday, the rupee appreciated by 12 paise to close at 81.67 against the dollar

FPJ Web DeskUpdated: Wednesday, November 23, 2022, 04:23 PM IST
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The rupee depreciated 14 paise to 81.81 against the US dollar in early trade on Wednesday, tracking a strong American currency and sustained foreign fund outflows.

The domestic unit opened at 81.81 versus the dollar on the interbank foreign exchange, down 14 paise from its previous finish.

On Tuesday, the rupee appreciated by 12 paise to close at 81.67 against the dollar.

The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased 0.06 percent to 107.16.

Brent crude futures, the global oil benchmark, declined 0.08 per cent to USD 88.29 per barrel.

Experts predict that the rupee will trade sideways amid market trepidation as fears of a return to stricter COVID restrictions in China weigh on Asian currencies.

“COVID cases in China rose to 28,183 on Tuesday, just under the record high of 28,973 reached in April. Major cities such as Shanghai and Beijing are placing restrictions on movement of people to contain the outbreaks,” IFA Global Research Academy said in a research note.

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